I have often suggested here that a key characteristic of mainstream economics is its fundamental distaste for democracy. We read it in the way in which economics pours scorn on government – even democratic government – as an automatic and inevitable problem in the achievement of efficiency, whatever that is. The anti-social bias is palpable. Yet most economists scoff at the thought.
But say it often enough, say it loudly enough, and, especially, say it with the authority of a scholarly background and the damage can be awful.
You might just make a Trump legitimate.
Ideas matter. We all acknowledge that. From where I sit economics has a lot to answer for. Polanyi was right, and that really matters. [Link]
The full post by Peter Radford is well worth a read. It is not too long.
Independent of the Trump phenomenon, the first paragraph about economists and their ‘disdain for democracy’ is very well made. Their fetish for monetary policy as opposed to fiscal policy is another form of elitism by proxy.